Loan Insurance Complaint »
If you bought credit card insurance when you took out your credit card, but felt you were pressured into it or were buying it without fully understanding the terms and conditions attached, then you could be in a position to reclaim credit card insurance payments you have made.
Many card lenders offer insurance which promises to pay monthly card bills should you become unable to do so, through illness or unemployment. Unfortunately, there are so many clauses attached to these agreements that most are not worth the paper they are written on.
In fact, according to the Citizens Advice Bureau, there are currently around 20million payment protection insurance policies in existence, making lenders around £5billion each year, but of those people who claim on their polices, only 15% are successful. Many of the 85% that fail in their claims fail because they were missold their policy in the first place.
To see if you were missold your policy, use the check list on our Unfair Payment Protection Insurance page.
Mis-selling happens when the salesman suggests that you must take out the insurance to get the card, or does not explain the many conditions that must be adhered to for a claim to be valid – in some cases, the CAB found, the customer was never going to eligible to make a claim, but was sold the insurance anyway.
To see if you have a case to reclaim credit card insurance, you can fill in our Loan Insurance Complaint form and be put in touch with an expert from claims specialist Claims Financial and you can discuss your case.